Harringay, Haringey - So Good they Spelt it Twice!
Property Prices Fall but Haringey Resists....for the Time Being
House prices fell by -1.7 per cent during Q1 2008, said Nationwide on 7th April.
Quarterly growth declined from 0.6 per cent to -1.7 per cent, while annual price growth witnessed a more dramatic slump from 6.9 per cent to 2.2 per cent.
Every region within the UK recorded quarterly price decreases.
The average UK house price for the first quarter stood at £179,363 compared to £183,959 in the final quarter of 2007.
House prices fell by -1.6 per cent in England during the first quarter for the year.
Prices declined faster in England's southern regions compared to those in the north, thus closing the gap between the two to just 3.1 per cent, less than half the 6.7 per cent peak recorded in Q3 2007.
But as Nationwide notes, bricks and mortar down south will still cost buyers an average £85,000 more than their northern equivalent.
Overall, the average house price in England totalled £197,403 in the first quarter of 2008.
London prices fell by -1.5 per cent over the first three months of 2008. This was the first quarter-on-quarter fall in the Capital since Q3 2005.
Nevertheless, annual growth remained the highest in the whole of England at 5.6 per cent.
Haringey continued to register the highest annual appreciation of any London borough at 20 per cent.
Meanwhile Camden's growth plummeted from 18 per cent in the last quarter to just four per cent, marking its annual appreciation as the lowest in London.
Quarterly growth declined from 0.6 per cent to -1.7 per cent, while annual price growth witnessed a more dramatic slump from 6.9 per cent to 2.2 per cent.
Every region within the UK recorded quarterly price decreases.
The average UK house price for the first quarter stood at £179,363 compared to £183,959 in the final quarter of 2007.
House prices fell by -1.6 per cent in England during the first quarter for the year.
Prices declined faster in England's southern regions compared to those in the north, thus closing the gap between the two to just 3.1 per cent, less than half the 6.7 per cent peak recorded in Q3 2007.
But as Nationwide notes, bricks and mortar down south will still cost buyers an average £85,000 more than their northern equivalent.
Overall, the average house price in England totalled £197,403 in the first quarter of 2008.
London prices fell by -1.5 per cent over the first three months of 2008. This was the first quarter-on-quarter fall in the Capital since Q3 2005.
Nevertheless, annual growth remained the highest in the whole of England at 5.6 per cent.
Haringey continued to register the highest annual appreciation of any London borough at 20 per cent.
Meanwhile Camden's growth plummeted from 18 per cent in the last quarter to just four per cent, marking its annual appreciation as the lowest in London.
Tags for Forum Posts: property
Replies to This Discussion
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Permalink Reply by John McMullan on
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When property prices go up it benefits those wanting to sell and not buy again, when they go down it benefits those with cash who want to buy. If you intend to retire on the equity in your house, think again. As long as you can afford the mortgage repayments it is irrelevant what it is worth. Certainly it will still cost you more to rent than to buy.
That said, London has an extensive and well policed green belt; it cannot expand. Every vaguely suitable building site is being looked at for housing, there's massive pressure. Try buying a house in Sydney, Melbourne or Wellington based on what you can earn there and houses in London still look affordable to me.
If only our local services (I'm thinking schools) were able to cash in on even a fraction of the equity increase in house prices in London. That was the idea with the council tax being tied to the value of your house but of course it doesn't work as you can't sell your house to pay your council tax and it's unreasonable of them to expect us to extend our mortgages to pay it too.
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Permalink Reply by Hugh on
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The relevance for me is in how the price of my house compares with what I'd next want to buy. You don't care John? In which case, we need to talk and I can sense a good deal (for me) in the offing!
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